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Appointments

Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

The Board of ETI has appointed Deepak Malik as a Non-Executive Director of the parent company of the Ecobank Group.

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Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

The Board of Ecobank Transnational Incorporated (ETI) has appointed Deepak Malik as a Non-Executive Director of the parent company of the Ecobank Group.

The Details: Malik joined the ETI Board of Directors as a nominee of Arise B.V. (“Arise”) which currently holds a 14.1% equity stake in ETI following its purchase of shares previously held by IFC and the funds managed by the IFC Asset Management Company in August 2019.

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This development is coming immediately after the resignation of Monish Dutt as a Director of ETI following his nomination for the same position by International Finance Corporation (IFC).

Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

In a statement released by the Group to the Nigerian Stock Exchange (NSE) and signed by its company secretary, Madibinet Cisse, the board conveyed its gratitude to Dutt who contributed immensely to the success of Ecobank Transnational Incorporated while in office.

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Profile of Deepak Malik: Since January 2017, Deepak Malik has been the Chief Financial Officer of Arise whose core mandate is to partner with sustainable financial service providers to advance financial inclusion in Africa.

[READ MORE: IWEC Foundation appoints FirstBank’s Ibukun Awosika as new president of its Board of Directors]

Prior to joining Arise, Mr Malik was part of the management team at Norfund, a Development Finance Institution where he held the positions of Head of Southern Africa Office and Head of Department, Financial Institutions, for over 13 years. In these roles, he had overall responsibility for Norfund’s financial institutions portfolio in the Sothern Africa region, Central America and South Asia.

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Mr Malik has also been the Regional Representative of the Investment Fund for Developing Countries (IFU), which is the Danish Government’s investment arm for developing countries, Managing Director of the Development Bank of Zambia. He held senior executive positions at Zambia Consolidated Copper Mines.

He is currently on the Board of Directors of various financial institutions.

Mr. Malik is a Fellow of the Institute of Chartered Accountants, India, and has a Bachelors’ Degree in Commerce (Honours) from the University of Delhi, India.

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Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Appointments

World Bank appoints 2 Vice Presidents for newly created divisions in Sub-Saharan Africa

The newly created divisions are a sign of the strong commitment of the World Bank to Africa.

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World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

The World Bank has announced the appointment of 2 Vice Presidents for the newly created divisions in the Sub-Saharan African Regional portfolio, which was announced earlier in the year 2020.

This was disclosed by the Bretton Woods Institution in a press statement released on Wednesday July 1, 2020.

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The newly created divisions – Western/Central Africa and the Eastern/Southern Africa – are a sign of the strong commitment of the World Bank to Africa.

The Sub-Saharan region had been led since 2018 by Hafez Ghanem, who now takes on the role of Vice President for Eastern and Southern Africa, while Ousmane Diagana becomes Vice President for Western and Central Africa today.

According to Hafez Ghanem, “Our commitment to Africa gets stronger every day and I am thrilled to work alongside Ousmane Diagana to deliver more resources to the people who need them the most. We are two Vice Presidents, but we see Africa as one, and will continue sharing lessons, expertise, and ideas across the continent.”

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The creation of an additional Vice Presidency Unit is part of the World Bank Group’s continuous efforts to align resources with priorities. This will help drive the reforms and policies needed to achieve sustained and broad-based growth, alleviate poverty and raise living standards for people on the continent.

In his statement Ousmane Diagana said, “I am honored to lead the Bank’s efforts in West and Central Africa, with a strong focus on innovation, impact, and transformation. Working together with Hafez, I know we can and will do more to put countries and people first and find ways to confront today’s development challenges using all of the tools at our disposal.”

Diagana’s appointment comes as the Bank looks to strengthen the delivery of its Africa program and further improve its operational focus on regional portfolios to better support the transformational improvements that are possible in Africa.

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The World Bank is expected to lend about $50 billion to 48 countries in Sub-Saharan Africa, which is significantly more than what will be spent in any other region. This also makes up to one-third of the World Bank’s entire portfolio, which includes projects and programmes in areas like agriculture, energy, trade and transport, education, health, water and sanitation.

Ousmane Diagana is a Mauritanian national with more than 25 years of development experience, Diagana joined the Bank in 1992. As the Vice President of Western and Central Africa, Diagana will lead the World Bank’s strategic, analytical, operational and knowledge work in Western and Central Africa.

Since joining the Bank, Diagana has held several technical and managerial positions including Country Director for Mali, Niger, Chad, Guinea, and Country Director for Cote d’Ivoire, Burkina Faso, Guinea, Benin and Togo. Diagana has worked extensively in Fragile, Conflict and Violence (FCV) affected countries.

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Prior to this appointment, Diagana was the World Bank Group Vice President for Human Resources. He also served as Vice President for Ethics and Business Conduct and World Bank Group Chief Ethics Officer. As World Bank Group Vice President for Human Resources, he has been central to many initiatives to bring staff closer to clients, particularly in FCV client countries.

Hafez Ghanem, an Egyptian and French national, is the Regional Vice President for Eastern and Southern Africa. A development expert with over 30 years of experience, Dr. Ghanem leads relations with 26 countries, and oversees over 280 projects totaling more than $49 billion.

Prior to his appointment, Dr. Ghanem served as the Vice President for Africa. Under his leadership, the World Bank supported inclusive growth and poverty reduction by financing projects that boost human capital, support private sector development, raise agricultural productivity, improve access to infrastructure, build resilience to climate change, and promote regional integration.

Intensifying assistance for fragile and conflict-affected states, promoting gender equality, and providing economic opportunities for youth were core to his vision for the Africa Region.

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Appointments

SEC reinstates DEAP Capital’s Board

The Board of Directors is expected to have an Annual General Meeting within 6 months.

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Lamido Yuguda

Deap Capital Management & Trust Plc (DEAPCAP) has announced that the Securities and Exchange Commission (SEC) has reinstated its former Board of Directors that had been appointed at the 2014 Annual General Meeting. It noted that the SEC did so via its letter dated 1st June 2020.

The board comprises Murtala Aliyu who serves as the Chairman, William Odudu, a Director, and Jacob Esan who is the Managing Director, and they had taken office on the 22nd of June 2020.

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“The decision on the re-instatement is based on the Securities and Exchange Commission’s non-recognition of the 2013 – 2018 Annual General Meeting and the resolutions made at the meeting,” the company’s press release noted.

The 2013 – 2018 Annual General Meeting was held on 22nd August 2019 in Lagos, Nigeria. Also, the Board of Directors is expected to have an Annual General Meeting within 6 months in addition to a number of other duties.

About Deap Capital Management & Trust Plc

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Deap Capital Management & Trust Plc was founded in 2002 as a specialist fund and portfolio management company. Today, it is a top investment banking, securities and investment management firm that provides an array of financial services to a substantial and well-diversified clientele.

 

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Appointments

Omoluabi Mortgage Bank appoints new MD, five other directors

All appointments are subject to the approval of the Central Bank of Nigeria.

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Omoluabi Mortgage Bank has appointed Adewole Adekunle as the Managing Director of the bank.

This appointment was announced by the bank in a notice signed by the company secretary, Olabisi Fayombo, and sent to the Nigerian Stock Exchange on Wednesday.

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The company also announced the appointment of five other directors – Oyewole Olowu as Executive Director, Mr Adewole Adeniran, Mr Yemi Adefisan and Mr Olufemi Adesina as non-executive directors, and Mrs Fehintola Ibidunni Olatunde-Agbeja as Independent Director.

All appointments are subject to the approval of the Central Bank of Nigeria.

The new MD, Mr Adekunle is a banking professional with over 2 decades experience cutting across areas like retail, commercial, corporate banking, corporate strategies, and credit recoveries.

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He has served in various positions in Omega bank (now Keystone Bank), Standard Trust Bank (now UBA), Broad bank (now Union bank), and Sterling Bank.

READ MORE: TCN MD, Abdulaziz, four directors receive appointment letters

He has 2 MBAs in Marketing and Finance from the University of Ado-Ekiti and the Metropolitan School of Business and Management, UK. He also has a Masters in Business Law and a certificate in Global Management (CGM).

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He is an alumnus of the INSEAD Global management program, as well as the Lagos Business School Advanced Management Program.

He is a member of the Nigerian Institute of Management and an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Adekunle brings to his position, a deep knowledge of the market, and business fundamentals relevant to Mortgage marketing.

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